Straumann Holding Ag · SIX:STMN
Straumann — H1 2023 Earnings Presentation
16 slides from Straumann's earnings presentation, Aug 15, 2023
Slide 1: First-Half 2023 Report
FIRST-HALF 2023 REPORT Webcast for investors, analysts and media Basel, August 15, 2023 1 DISCLAIMER This presentation contains forward‐looking statements that reflect the current views of management, and which are subject to known and unknown risks, uncertainties and other factors that may cause ac
Slide 2: Agenda and Highlights
AGENDA Highlights Guillaume Daniellot Financials Marcel Kellerhals Recent achievements & strategy Guillaume Daniellot Outlook 2023 Guillaume Daniellot Q&A Guillaume Daniellot, Marcel Kellerhals 3 3 HIGHLIGHTS Guillaume Daniellot, CEO 4 4
Slide 3: Solid Half-Year Results Lifted by Second Quarter
SOLID HALF-YEAR RESULTS LIFTED BY SECOND QUARTER Revenue in CHF Organic revenue growth1 Core profitability 1.2 bn 7.5% 26% 621 m revenue in Q2 11.7% organic growth in Q2 IFRS EBIT margin 24.4% Dynamic patient flow in all regions strong currency headwinds Regional performance Regenerative solutions O
Slide 4: China: Pent-up Demand Driving Strong Volume Growth
CHINA: PENT-UP DEMAND DRIVING STRONG VOLUME GROWTH COVID-19 EFFECT AND ACCELERATED ADOPTION OF VBP Patient flow Volume Based Procurement (VBP) Covid 19 January February March April May June 7 7 GROWTH ACROSS ALL BUSINESSES IMPLANTOLOGY KEPT ITS STRONG GROWTH PACE Tooth replacement Tooth alignment Di
Slide 5: Strong Second Quarter Revenue Result
FINANCIALS Marcel Kellerhals, Head Investor Relations 9 STRONG SECOND QUARTER REVENUE RESULT REVENUE DEVELOPMENT BREAKDOWN IN CHF MILLION, ROUNDED +5.4% +11.7% organic 9 621 23 589 11 22 8 556 ‐42 Change in organic growth +8.8% +7.0% +23.1% +20.1% Revenue FX effect M&A effect Adjusted EMEA NAM APAC
Slide 6: Core Gross Margin at 75.2%; Core EBIT Margin at 26%
CORE GROSS MARGIN AT 75.2% IN %, ROUNDED ‐80 bps +20 bps 76.0 75.0 ‐0.3 75.2 75.2 0.0 0.0 ‐1.0 0.4 IFRS gross Non‐core FX effect Core gross Portfolio Productivity Core gross Non‐core IFRS gross profit profit margin items profit margin mix effect effect profit margin items margin HY 2023 HY 2022 HY 2
Slide 7: Positive Development of Half-Year Free Cash Flow
POSITIVE DEVELOPMENT OF HALF-YEAR FREE CASH FLOW IN CHF MILLION, ROUNDED Operating cash flow In CHF million Y/Y change H1 2022 78.1 H1 2023 112.1 +43.5% +34 m 46.3 2.8 112.1 78.1 16.2 ‐31.2 FCF margin FCF margin 6.6% 9.2% Free cash flow Profit before tax, Income taxes, NWC Change CAPEX, net of Free
Slide 8: Recent Achievements & Strategy: Innovation in Premium Implantology
RECENT ACHIEVEMENTS & STRATEGY Guillaume Daniellot, CEO 15 15 INNOVATION AND CAPACITY TO GROW MARKET SHARE IN PREMIUM IMPLANTOLOGY Straumann BLT Straumann BLX Straumann TLX Tapered Bone Level for Tissue Level for standard Immediacy Immediacy 16 16
Slide 9: Renewed Partnership with ITI
RENEWED PARTNERSHIP WITH ITI STRATEGIC FOCUS ON EDUCATION WITH CONTINUOUS PARTNERSHIP FOR OVER 40 YEARS 17 17 GEOGRAPHICAL EXPANSION DRIVES CHALLENGER IMPLANTOLOGY BRANDS Neodent Zi ceramic Anthogyr implant solution Axiom X3 18
Slide 10: GalvoSurge Acquisition; ClearCorrect ClearPilot Software
GALVOSURGE ACQUISITION ADRESSING THE MOST COMMON DISEASE IN PEOPLE WITH IMPLANTS: PERI-IMPLANTITIS Peri‐implantitis Unique solution • Soft tissue inflammation & bone loss • Bacterial biofilm formation on implant surface • To protect patients from implant loss • Compatible with most dental implant sy
Slide 11: Improving Our Value Proposition in Orthodontics
IMPROVING OUR VALUE PROPOSITION IN ORTHODONTICS CUSTOMER AND PATIENT CENTRIC DIGITAL TRANSFORMATION 1 2 3 4 5 Engage Diagnose Plan Treat Monitor update Collaborator Suite + TPS ClearCorrect® Premier Aligner Sync Mobile App (Treatment Planning Optimization Services) + Enhanced Pontics, Bars & Guides
Slide 12: Personnel Changes – New Group CFO; Net-Zero Target Approved by SBTi
PERSONNEL CHANGES – YANG XU NEW GROUP CFO Welcome Robert • Chief Financial Officer and Member of the Executive Management Board to join end of August • International experience in corporate finance, strategy, commercial and business development • Master’s degree in Management HEC Paris and MBA progr
Slide 13: Outlook 2023 Confirmed
OUTLOOK 2023 25 OUTLOOK 2023 CONFIRMED Market environment and assumption Revenue and profitability1 • Group believes global patient flow will • Group aims to achieve organic revenue remain stable growth in the high single‐digit percentage range versus the prior year • Uncertain economic environments
Slide 14: Thank You – Any Questions?
THANK YOU ANY QUESTIONS? 27 27 CALENDAR OF UPCOMING EVENTS 2023 Event Location 30‐31 August Deutsche Bank North America Roadshow Virtual 8 September UBS Best of Switzerland Conference Wolfsberg, Switzerland 12‐13 September Kepler Cheuvreux European Roadshow Zurich, Barcelona 19‐20 September Mirabaud
Slide 15: Currency Exposure; Reported Financials at a Glance
CURRENCY EXPOSURE Revenue breakdown H1 2023 Exchange rates development 2022 – Jun 2023 . 120 Other CHF 19.6% 1.3% EUR 110 32.4% BRL 100 6.1% CNY 90 7.7% 80 12.2021 03.2022 06.2022 09.2022 12.2022 03.2023 06.2023 USD/CAD/AUD 32.9% USDCHF EURCHF CNYCHF BRLCHF Total cost breakdown H1 2023 FX sensitivit
Slide 16: Core Net Profit Margin; Core Results Reconciliation
CORE NET PROFIT MARGIN REMAINS STABLE IN CHF MILLION, ROUNDED 300 ‐220 bps 24.9 250 230.3 3.6 233.8 2.9 228.7 ‐30.0 ‐3.0 206.0 200 ‐22.6 150 100 Core net Core net profit margin profit margin 50 21.0% 18.8% 0 IFRS Non‐core Core EBIT Financial Associates Income taxes Core Non‐core IFRS net profit item